MONROE AIRPORT IMPROVEMENT.

SEC. 510. MONROE AIRPORT IMPROVEMENT. (a) Authority To Grant Waivers.— Notwithstanding section 16 of the Federal Airport Act (as in effect on the date of transfer of Selman Field, Louisiana, from the United States to the city of Monroe, Louisiana), the Secretary is authorized, subject to the provisions of section 47153 of title 49, United States Code, and the provisions of subsection (b) of this section, to waive any term contained in the 1949 deed of conveyance, or any other deed of conveyance occurring subsequent to that initial transference and before the date of enactment of this Act, under which the United States conveyed certain property then constituting Selman Field, Louisiana, to the city of Monroe, Louisiana, for airport purposes. (b) Conditions.— Any waiver granted under subsection (a) shall be subject to the following conditions: (1) The city of Monroe, Louisiana, shall agree that, in conveying any interest in the property which the United States conveyed to the city by a deed described in subsection (a), the city will receive an amount for such interest which is equal to the fair market value (as determined pursuant to regulations issued by the Secretary). (2) Any such amount so received by the city shall be used by the city for the development, improvement, operation, or maintenance of a public airport.